Mumbai is the largest real estate market in India. The city leads real estate growth and will continue to do so in the coming years. The city is witnessing unprecedented economic growth in line with the country’s growth. This is a boost for the real estate industry too. Many reasons are paving the way for investors to consider Mumbai as a major investment destination. The infrastructure growth is creating new markets for new residential and commercial real estate growth.
Some of the reasons to invest in ongoing projects in Mumbai are discussed below:
1. Strong demand
Mumbai continues to attract people from the rest of the country. The city is surrounded by the sea and hence it is growing vertically. Most ongoing and new projects are coming up in the suburban regions of the city which will drive the growth of real estate for the Mumbai Metropolitan Region (MMR).
2. Steady price rise
Mumbai has shown a consistent rise in property prices for many years. The trend continues as the prices grow by 7 to 10% every year. This upward trend demonstrates a growing demand for housing in the city. This is a major reason to invest in ongoing projects in Mumbai which will give good returns.
3. Infrastructure development
The trans harbor link, Mumbai metro, and the coastal road are some of the major infrastructure projects that will improve the connectivity in the city. As a result, the demand for housing and commercial properties will keep increasing as new and ongoing projects are developed in micro markets thus created. As accessibility improves the social infrastructure also improves, making the city an attractive destination to settle down.
4. Rental yields
Mumbai is known as a major hub for employment generation and new businesses. This attracts many migrants who ultimately need housing and commercial or retail spaces to earn their living. Investing in ongoing projects is bound to give good rental yields as the demand for rental homes is on the rise.
5. Different investment options
With the push for affordable homes by the government and the increasing demand for luxury homes, the city is home to a diverse range of residential and commercial investment options. The ongoing projects span the lowest to the highest budgets across different pockets within the city giving the investor a good mix of investment options. All the projects are expected to grow over the years giving good returns on rentals as well as price appreciation.
buying flats in Mumbai real estate has been the most lucrative option for growing wealth. With the many upcoming residential projects in Mumbai, the time is right for investors to make the most of the opportunities.